Directly comparing RAW files I see no substantial difference especially at base ISO and even at high ISO I think the difference most folk are claiming is directly down to the built in NR in the E-M5 RAW file. I think too many folk are jumping on over sharpened, high contrast NR jpeg samples and claiming all sorts of crazy stuff.

What make you think E-M5 raws could be cooked ?

All raws are cooked to some extent, the question is, how good was the chef.
--
Bob